Chapter 11. Maybe the Politicians Can’t Do It, but You Can—Planning and Carrying Through a Long-Term Financial Program
The political powers appear to be masters at putting off until tomorrow what should be dealt with today. If federal, state, and city pension funds employ dubious accounting assumptions to avoid confrontations with statistical reality, then those dubious accounting assumptions will be accepted by our leaders as reality.
Is this because government leaders at all levels are unaware of the consequences? Or because they are financially inept? Or both? Actually, probably neither of the above.
They simply want to be re-elected. Raising social security taxes today to build up the trust fund for years down the road would be unpopular. So ...
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